SBI Cards and Payment Services reported 32.92% decline in standalone net profit to Rs 404.42 crore in Q2 FY25 as against Rs 602.98 crore posted in Q2 FY24.
However, total revenue from operations stood at Rs 4,421.04 crore in the second quarter of FY25, up 8.16% year on year.Interest income jumped 20.40% to Rs 2,289.74 crore in Q2 FY25 from Rs 1,901.75 crore in Q2 FY24. Non-interest income (fees, commission & others) fell by 0.84% to Rs 1,957.31 crore in Q2 FY25 from Rs 1,973.94 crore in Q2 FY24.
Finance costs climbed 30.22% YoY to Rs 787.68 crore while total operating cost declined 3% YoY to Rs 2,011crore during the period under review.
Impairment on financial instruments jumped 63.34% to Rs 1,212 crore in Q2 FY25 from Rs 742 crore in Q2 FY24.
The firm's return on average assets (ROAA) and return on average equity (ROAE) stood at 2.7% and 12.5%, respectively in the quarter ended 30 September 2024.
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On asset quality front, gross non-performing assets were at 3.27% of gross advances as of 30 September 2024 as against 2.43% as of 30 September 2023. Net non-performing assets were at 1.19% as of 30 September 2024, as against 0.89% as of 30 September 2023.
As of 30 September 2024, the company's CRAR was 22.1% compared to 23.3% as of 30 September 2023. Tier I capital was 16.3% as of 30 September 2024, compared to 20.8% as of 30 September 2023.
Total advances (net of provisions) as of 30 September 2024 stood at Rs 53,596 crore as compared with Rs 49,079 crore as of 30 September 2023.
Net worth as of 30 September 2024 was at Rs 13,161 crore as against Rs 12,156 crore as of 30 September 2023.
SBI Cards and Payment Services (SBI Card) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle. The brand has a wide base of over 19.5 MM+ cards in force as of Q2 FY25. It has diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology driven company.
Shares of SBI Cards and Payment Services rallied 2.91% to close at Rs 686.90 on the BSE.
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